ARTWORK VALUATION

Prepared for

Valuation Date

Ref

Jon Doe

September 12 2020

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ARTWORK DETAILS

Medium: Oil on woodSigned: YesArtist: Alberto PasiniTitle: Unknown (Fishing Port)Creation Date: Circa 1864Measurements: Height: 17.75, Width: 22.75, Depth: 1.5 inchBroad Media: Painting

DESCRIPTION OF ARTWORK

Alberto Pasini (1826-1899) was an Italian painter recognized for Orientalist scenes and related urbanlandscapes. Born in Busseto, he trained at the Academy of Fine Art of Parma and in the ateliers ofPierre-Luc-Charles and Eugène Cicéri in Paris. He traveled and painted extensively throughout Turkey,Persia, Armenia, Egypt, Arabia, and Istanbul, among other locations. His work is represented in thepermanent collections of such prestigious public institutions as the Museo Nacional Thyssen-Bornemisza, Madrid.

The subject work is a landscape featuring an urban port with small fishing boats docked along the leftside of a lightly rippled sea-green body of water; a row of architectural formations lines the distanthorizon. The work is executed with loose, painterly brushwork in a restricted palette.

As the signature at lower left was found to deviate slightly from known versions of the artist's signature,the work has been indicated to be attributed to Alberto Pasini. Further art historical research and/or theundertaking of a formal authentication procedure would be necessary to conclude authorship.

For the purpose of the present assignment, the work has been valued in relation to past auction saleprices of comparable works by the hand of the artist.SAMPLE

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FAIR MARKET VALUEA valuation is not a certificate of authenticity of an artwork

Fair market value is the price that property would sell for on the open market. It is the price that wouldbe agreed on between a willing buyer and a willing seller, with neither being required to act and bothhaving reasonable knowledge of the relevant facts. This value is available only for artists included inMutualArt.com database of auction houses.

Minimum: 5000 USDMaximum: 10000 USD

REFERENCES

"Fishmonger in Cavak"Oil on canvas8 1/4 x 9 1/8 inchesCapitolium Art, Brescia, ItalyPresale estimate 1,500 - 3,000 EUR ($1,713 - $3,427 USD)Sold for 1,905 EUR ($2,176 USD)December 19, 2018Lot 313

"Boating at Sunset"Oil on panel8 3/4 x 14 1/4 inchesNagel Auction, Stuttgart, GermanyPresale estimate 1,800 EUR ($2,077 USD)Sold for 3,200 EUR ($3,692 USD)October 10, 2018Lot 548

"Veduta Persiana"Oil on panel8 3/4 x 16 inchesSant'Agostino Auction House, Turin, ItalyPresale estimate 7,500 - 10,000 EUR ($8,887 - $11,850 USD)Sold for 5,000 EUR ($5,925 USD)December 4, 2017Lot 336

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ADDITIONAL IMAGES

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MUTUALART VALUATIONSERVICES – GENERAL TERMS & CONDITIONS

1. Mutual Art Services Inc., the operator of MutualArt.com ("MutualArt" or "Us" or "We") offers valuation and appraisalservices to you ("You"), for a works of art for which you provide Us with the information about (the "Artwork"), subject toyour agreement to adhere to the following terms and conditions. The Terms and Conditions detailed in this agreement(the "Agreement") herein below are subject to change at any time, without prior notice.

2. The online valuation services, offered to you by MutualArt, will be based solely on the images and information provided toUs by You. The outcome of this online valuation is only as good as the information You will provide Us with, regarding thedescription, condition and provenance which may greatly affect the value of the Artwork. An online valuation is limited inthat it cannot provide the same detail as an in-person appraisal.

3. MutualArt aims to provide Your valuation report on the basis of a Fair Market Price, which is considered to be the price atwhich a willing buyer and a willing seller, neither under any compulsion to buy or sell, without the necessity of a forcedsale and commensurate with the market in which the item most commonly sells and with both parties having reasonableknowledge of the relevant facts agree on the sale price of the property. This valuation reflects Our opinion of the fairmarket value which has been established by rarity, comparability to similar items in the current market being offered andsold at private galleries and public auctions, published sales records, desirability, condition, and recent market trends.

4. MutualArt shall provide you with a report containing a valuation (high and low estimates), of the Fair Market Price, basedon the information and the photograph of the Artwork provided by You (the "Valuation Report"). MutualArt, at its solediscretion may refuse to provide Youwith a Valuation Report, without the need to provide any explanation or reasoning.

5. The price of the Valuation Report will be as per the rate card of MutualArt and as published on the MutualArt website.MutualArt reserves the right to adjust the prices from time to time and offer special offers and discounts at its solediscretion. Payments received for the Valuation Report are non refundable, unless the Valuation Report was not providedto You within 6 business days as of the date payment was made, provided that all submitted information was completeand satisfactory. Should You decided to accept the Valuation Report despite the late delivery, You will be required to pay50% of its full list price.

6. MutualArt does not take into account for the purpose of the Valuation Report reserve price, sales expenses, commissionsYou might be required to pay or taxes that may be levied on the sale. As such, the valuation is an estimate on the grossamount a buyer might be willing to pay, ignoring all and any expenses that may apply.

7. All information provided to MutualArt regarding your Artwork is deemed accurate and complete. MutualArt shall not beheld liable nor shall it be accountable in any manner for any errors or omissions due to inaccuracy or missing informationprovided to Us. MutualArt expects that You provide all and any documents and information that may be accessible to Youor in Your possession or control (i.e. invoices, sale receipts, Certificates of Authenticity, previous insurance schedules,previous appraisal reports, etc.).

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12. Unless We state otherwise, the Valuation Report will be provided on the basis of the information provided by You, withoutany physical inspection, restoration work or any other physical action pertaining to the Artwork, or any research into theArtwork's background or history.

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14. Our estimate of the Fair Market Price, does not guarantee that the same will indeed be achieved once sold.

15. In the event that an error is made in the Valuation Report, the liability of MutualArt shall be limited to the amount of thefee for the appraisal You paid. The online valuation is furnished to You for Your use at your own risk. You have no remedyfor damages. MutualArt will not be held liable and You will have no remedy for damages for any claim of any kindwhatsoever concerning Your use of the appraisal regardless, of legal theory, and whether arising in tort or contract. In noevent will MutualArt be liable to You for any special, indirect, incidental, or consequential damages of any kind includingbut not limited to compensation, reimbursement, or damages on account of the loss of present or prospective profits orfor any other reason whatsoever.

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17. By paying for the Valuation Report You enter into this binding agreement and acknowledge that the valuation is anestimate that is a matter of reasonable opinion and as such opinions as to the Fair Market Price may vary and differ fromeach other. Values may change due to market conditions in general or in particular, and any individual Artwork may beaffected by specific conditions that may not be known at the time of valuation. You should also be aware that theValuation Report is provided for a given date on which it was prepared.

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21. This Agreement is accepted upon your payment for the Valuation Report to be provided by MutualArt. This Agreementconstitutes the entire agreement between You and MutualArt regarding the purchase of the Valuation Report. The failureof MutualArt to exercise or enforce any right or provision of this Agreement shall not operate as a waiver of such right orprovision. MutualArt is a trademark of MutualArt Holdings Inc. This Agreement operates to the fullest extent permissibleby law. If any provision of this Agreement is unlawful, void or unenforceable, that provision is deemed severable from thisAgreement and shall be replaced by an enforceable provision most nearly approximating the intent of the originalprovision and does not affect the validity and enforceability of any remaining provisions.

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